In a recent announcement, it was revealed that Tokocrypto, a subsidiary of Binance, has achieved a significant milestone by securing a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This development is a testament to Tokocrypto’s dedication to regulatory compliance and positions the exchange as the third in Indonesia to receive such a license. With 35 prospective crypto exchanges registered with Bappebti, this achievement highlights Tokocrypto’s commitment to setting high standards in the crypto market.
Over the past year, Tokocrypto has experienced remarkable growth, with its user base surpassing 4.5 million and monthly trading volume increasing by 138%. This uptrend signifies a growing trust in Tokocrypto’s services among users in Indonesia. Yudhono Rawis, the CEO of Tokocrypto, expressed the significance of the license in realizing the company’s vision of becoming Indonesia’s premier crypto-asset trading platform. He emphasized Tokocrypto’s continuous efforts to maintain regulatory compliance standards and expressed pride in being recognized as a top exchange in the country.
Following Binance’s full acquisition of Tokocrypto in late 2022, the exchange has continued to show unwavering support for Tokocrypto’s mission. Binance’s CEO, Richard Teng, commended Tokocrypto’s achievement and reiterated Binance’s commitment to promoting Web3 growth in the region. This partnership between Binance and Tokocrypto underscores the exchange’s dedication to compliance and strategic expansion in the crypto market.
In response to the news, CoinMarketCap data indicated a 15% increase in Tokocrypto’s native TKO token, reaching $0.3342. This positive market response reflects the industry’s acknowledgment of Tokocrypto’s success and reinforces Binance’s leadership in regulatory compliance. Despite facing challenges in certain regions, such as Nigeria where an executive is detained, Binance remains steadfast in its mission to navigate regulatory complexities and foster growth in the crypto sector.
Whether it be through securing licenses, expanding user base, or demonstrating commitment to compliance, Tokocrypto’s success in Indonesia’s crypto exchange market is a testament to the exchange’s resilience and dedication. As the industry continues to evolve, Tokocrypto’s achievements serve as a beacon of hope for other exchanges striving to set new standards and gain the trust of users and regulators alike.
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